India and Oman have agreed to fast-track discussions for the early signing of the Comprehensive Economic Partnership Agreement (CEPA), which is in the advanced stages of negotiation, according to a statement from the Ministry of Commerce and Industry on Tuesday.

Commerce and Industry Minister Piyush Goyal wrapped up a successful visit to Oman from January 27-28. The statement noted that the CEPA is expected to be a significant development in bilateral trade relations and could greatly boost trade and investments between the two nations.

During his visit, Goyal co-chaired the 11th India-Oman Joint Commission Meeting (JCM) session with Oman's Minister of Commerce, Industry and Investment Promotion, Qais bin Mohammed Al Yousef.

The JCM included productive talks on strengthening cooperation in various areas, such as trade, investment, technology, food security, renewable energy, and more.

Minister Goyal also had a fruitful bilateral meeting with Minister Qais, where they reviewed the current trade and economic ties between India and Oman and identified specific steps to enhance their business relationship further, the statement added.

On the sidelines of the visit, both countries signed a protocol to amend the India-Oman Double Taxation Avoidance Agreement (DTAA). This amendment aligns the agreement with international taxation standards, streamlines tax procedures and fosters improved cooperation in tax matters.

Additionally, Goyal met with Sayyid Asaad bin Tarik Al Said, Oman’s Deputy Prime Minister for International Relations and Cooperation Affairs, on January 28. Sayyid Asaad had previously led the Omani delegation to India for the G-20 Summit in September 2023.

The Indian Minister held bilateral discussions with Sultan bin Salem Al Habsi, the Minister of Finance, and Ali bin Masoud Al Sunaidy, Chairman of the Public Authority for Special Economic Zones and Free Zones (OPAZ), to strengthen economic relations between the two countries.

Additionally, the Minister took part in the India-Oman Joint Business Council (JBC) meeting, organised by the Oman Chamber of Commerce and Industry (OCCI) with support from a FICCI delegation. The JBC meeting, typically held alongside the India-Oman Joint Consultation Mechanism (JCM), served as a valuable platform for in-depth discussions between the two business communities. It also highlighted investment opportunities and incentives available in both India and Oman, as per the official statement.

Goyal also had a chance to meet with a select group of CEOs and business leaders from Oman during a Business Roundtable hosted by the Indian Ambassador at the Indian Embassy. This session allowed the Minister to engage directly with prominent Omani business figures, informing them about India’s economic prospects and seeking their input on enhancing bilateral cooperation.

In another session, Goyal addressed the Future Leaders Programme at the Royal Academy of Management in Oman, where he shared insights on India’s growth journey and discussed the role of leadership in shaping a better world, as noted in the statement.